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What are the top ways we should use speech analytics to get the maximum benefits?

Question:

We are just getting started with speech analytics. Aside from the tactical uses, what are the top ways we should use this solution to get the maximum benefits?

Answer:

Enterprise executives who are not thinking more broadly about the uses of solutions like speech analytics are leaving cost savings and valuable benefits on the table. Analytics-enabled quality management (AQM), capturing the voice of the customer, compliance management, and sharing/leveraging results from interaction (speech and text) analytics throughout the organization all have a quantifiable payback and provide significant customer, agent and enterprise benefits.

Analytics-enabled quality management uses speech and text analytics solutions to review up to 100% of interactions, 100% of the time, in 100% of channels. Automating the quality monitoring process improves the pace and accuracy of insights into agent performance, and provides agents with objective, targeted and timely information about what they need to improve and what they are doing right. AQM can also reduce the risks associated with fraud and out-of-compliance situations. AQM has a quantifiable payback.

Speech and text analytics provide all of the benefits of surveying with none of the work for customers. Speech and text analytics can mine customer interactions from all voice and digital channels, including social media, to capture the voice of the customer (VoC) first-hand. It is a highly effective approach to listen to what customers are saying. It also provides the added benefit of inputs and feeds from transactional and other analytics solutions to gain increased insight into the customer perspective. VoC results from speech analytics can be used to replace traditional enterprise feedback management (EFM) programs, or can be integrated into EFM reporting and used to augment findings.

From a regulatory perspective, speech analytics is the best weapon for determining which agents are adhering to requirements in collections, sales and service calls, and for demonstrating compliance with the mandates of various agencies. Speech analytics solutions can identify calls where required language is or is not spoken, enabling contact center supervisors to provide targeted coaching to employees who are not meeting expectations in this area. Speech analytics applications can automatically document compliance, provide recorded proof for regulators, and help organizations avoid fines and penalties.

Finally, interaction analytics converts unstructured customer conversations into transcripts and structured insights that can be shared throughout the enterprise. Interaction analytics enables companies to measure and quantify the impact of their actions on their customers and prospects. These solutions extract business intelligence from omni-channel interactions, report what is happening, and identify training, system and procedural opportunities throughout the enterprise, not just the contact center. Early and rapid problem identification can improve market perception and reduce the volume (and cost) of inquiries by allowing a company to take corrective action before a small issue becomes a large one.